Imperial Oil Ltd. has reported CAD 1.29 billion ($932.94 million), or CAD 2.52 per diluted share, in internet earnings for the primary quarter (Q1), up CAD 93 million from the identical three-month interval final yr regardless of decrease upstream manufacturing.
Due to greater oil costs, income rose year-on-year to CAD 12.52 billion for the January-March 2025 interval. “Common bitumen realizations elevated by $8.75 [CAD] per barrel, primarily pushed by the narrowing WTI/WCS [West Texas Intermediate/Western Canada Select] unfold. Artificial crude oil realizations elevated by $5.28 per barrel, primarily pushed by an improved Artificial/ WTI unfold”, the Canadian built-in oil firm stated in a web based assertion.
Upstream output averaged 418,000 barrels per day (bpd) gross, down from Q1 2024’s 421,000 bpd on the impression of climate and unplanned downtime.
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Nonetheless, Imperial elevated petroleum product gross sales to 455,000 bpd in Q1 2025 from 450,000 in Q1 2024, at the same time as throughput and capability utilization fell year-on-year to 397,000 bpd and by 91 p.c respectively. “Decrease refinery throughput was primarily resulting from further upkeep within the firm’s japanese manufacturing hub”, it stated.
“The Upstream enterprise continued to learn from improved egress and narrower heavy oil differentials, whereas our Downstream profitability continued to replicate the structural benefits of the Canadian market”, stated chair and chief govt Brad Corson.
Corson will retire and get replaced by John Whelan from Thursday. Whelan can be president, having been appointed to the submit April 1. Whelan returns to Imperial after serving as senior upstream vp for Exxon Mobil Corp. since 2020.
Imperial’s chemical compounds section contributed CAD 31 million in internet earnings for Q1 2025, down from CAD 57 million for Q1 2024 resulting from weaker margins.
Money flows from working actions totaled CAD 1.53 billion for Q1 2025, up from CAD 1.08 billion for Q1 2024. Capital and exploration spending totaled CAD 398 million, down from CAD 496 million for Q1 2024.
Imperial saved its dividend at 72 Canadian cents per share for Q2 2025. In Q1 Imperial distributed dividends of CAD 307 million.
It ended the quarter with CAD 1.76 billion in money and money equivalents. Complete debt stood at CAD 4 billion.
Wanting ahead Imperial acknowledged market uncertainty introduced by the tariff struggle between Canada and the USA. “The worldwide commerce surroundings continues to be risky”, it stated. “The chance of the USA, Canada or their buying and selling companions resuming tariffs, imposing new or reciprocal tariffs, export restrictions, or different types of trade-related sanctions is extremely unsure”.
To contact the writer, e-mail jov.onsat@rigzone.com
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